Treasury bond

912810TM0 · 4% due November 15, 2042

Original term
20-Year
Maturity
Nov 15, 2042
Coupon
4.000%
Pays
Semi-Annual
Dated
Nov 15, 2022
First coupon
May 15, 2023
Priced through
Sep 30, 2026
Analyzed through
Sep 30, 2026

Statement of August 31, 2026

Amount outstanding
$40.59bn
Held stripped
$679.7m
Share stripped
1.67%

Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. The index figures are published per holding.

Risk, September 30, 2026

Yield to maturity
5.623%
Modified duration
11.047 yr
DV01
0.0933
Convexity
1.58
Dirty price
84.448

Where its rate sensitivity sits

<.01
0.01
0.04
0.09
0.20
0.36
0.59
1.13
7.08
1.78
3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 10 of twelve buckets, summing to 11.281 years against a modified duration of 11.047.

Against the fitted curve

Priced 2.1 bp cheap to the curve on that day, 19.90 cents per 100 of face.

That is -0.73 standard deviations from its own typical residual.

Yield to maturity, 961 observations

3.50%4.00%4.50%5.00%5.50%6.00%Nov 30, 2022Sep 30, 2026Nov 30, 2022Yield to maturity3.998%Dec 7, 2022Yield to maturity3.660%Dec 14, 2022Yield to maturity3.736%Dec 21, 2022Yield to maturity3.931%Dec 29, 2022Yield to maturity4.097%Jan 6, 2023Yield to maturity3.843%Jan 13, 2023Yield to maturity3.785%Jan 23, 2023Yield to maturity3.807%Jan 30, 2023Yield to maturity3.792%Feb 6, 2023Yield to maturity3.823%Feb 13, 2023Yield to maturity3.922%Feb 21, 2023Yield to maturity4.144%Feb 28, 2023Yield to maturity4.116%Mar 7, 2023Yield to maturity4.123%Mar 14, 2023Yield to maturity3.919%Mar 21, 2023Yield to maturity3.899%Mar 28, 2023Yield to maturity3.892%Apr 4, 2023Yield to maturity3.715%Apr 11, 2023Yield to maturity3.737%Apr 18, 2023Yield to maturity3.894%Apr 25, 2023Yield to maturity3.755%May 2, 2023Yield to maturity3.801%May 9, 2023Yield to maturity3.917%May 16, 2023Yield to maturity3.944%May 23, 2023Yield to maturity4.075%May 31, 2023Yield to maturity3.998%Jun 7, 2023Yield to maturity4.110%Jun 14, 2023Yield to maturity4.082%Jun 22, 2023Yield to maturity4.058%Jun 29, 2023Yield to maturity4.110%Jul 7, 2023Yield to maturity4.270%Jul 14, 2023Yield to maturity4.108%Jul 21, 2023Yield to maturity4.106%Jul 28, 2023Yield to maturity4.216%Aug 4, 2023Yield to maturity4.354%Aug 11, 2023Yield to maturity4.445%Aug 18, 2023Yield to maturity4.555%Aug 25, 2023Yield to maturity4.509%Sep 1, 2023Yield to maturity4.489%Sep 11, 2023Yield to maturity4.569%Sep 18, 2023Yield to maturity4.587%Sep 25, 2023Yield to maturity4.853%Oct 2, 2023Yield to maturity5.016%Oct 10, 2023Yield to maturity5.056%Oct 17, 2023Yield to maturity5.165%Oct 24, 2023Yield to maturity5.183%Oct 31, 2023Yield to maturity5.239%Nov 7, 2023Yield to maturity4.928%Nov 14, 2023Yield to maturity4.817%Nov 21, 2023Yield to maturity4.788%Nov 29, 2023Yield to maturity4.657%Dec 6, 2023Yield to maturity4.442%Dec 13, 2023Yield to maturity4.387%Dec 20, 2023Yield to maturity4.195%Dec 28, 2023Yield to maturity4.154%Jan 5, 2024Yield to maturity4.375%Jan 12, 2024Yield to maturity4.320%Jan 22, 2024Yield to maturity4.447%Jan 29, 2024Yield to maturity4.426%Feb 5, 2024Yield to maturity4.473%Feb 12, 2024Yield to maturity4.496%Feb 20, 2024Yield to maturity4.583%Feb 27, 2024Yield to maturity4.604%Mar 5, 2024Yield to maturity4.420%Mar 12, 2024Yield to maturity4.441%Mar 19, 2024Yield to maturity4.566%Mar 26, 2024Yield to maturity4.512%Apr 2, 2024Yield to maturity4.625%Apr 9, 2024Yield to maturity4.602%Apr 16, 2024Yield to maturity4.898%Apr 23, 2024Yield to maturity4.849%Apr 30, 2024Yield to maturity4.908%May 7, 2024Yield to maturity4.703%May 14, 2024Yield to maturity4.695%May 21, 2024Yield to maturity4.655%May 29, 2024Yield to maturity4.841%Jun 5, 2024Yield to maturity4.534%Jun 12, 2024Yield to maturity4.568%Jun 20, 2024Yield to maturity4.503%Jun 27, 2024Yield to maturity4.537%Jul 5, 2024Yield to maturity4.567%Jul 12, 2024Yield to maturity4.483%Jul 19, 2024Yield to maturity4.544%Jul 26, 2024Yield to maturity4.515%Aug 2, 2024Yield to maturity4.147%Aug 9, 2024Yield to maturity4.298%Aug 16, 2024Yield to maturity4.237%Aug 23, 2024Yield to maturity4.165%Aug 30, 2024Yield to maturity4.266%Sep 9, 2024Yield to maturity4.051%Sep 16, 2024Yield to maturity3.966%Sep 23, 2024Yield to maturity4.093%Sep 30, 2024Yield to maturity4.138%Oct 7, 2024Yield to maturity4.328%Oct 15, 2024Yield to maturity4.329%Oct 22, 2024Yield to maturity4.512%Oct 29, 2024Yield to maturity4.582%Nov 5, 2024Yield to maturity4.523%Nov 13, 2024Yield to maturity4.702%Nov 20, 2024Yield to maturity4.662%Nov 27, 2024Yield to maturity4.503%Dec 5, 2024Yield to maturity4.401%Dec 12, 2024Yield to maturity4.598%Dec 19, 2024Yield to maturity4.830%Dec 27, 2024Yield to maturity4.884%Jan 6, 2025Yield to maturity4.888%Jan 13, 2025Yield to maturity5.047%Jan 21, 2025Yield to maturity4.855%Jan 28, 2025Yield to maturity4.816%Feb 4, 2025Yield to maturity4.775%Feb 11, 2025Yield to maturity4.773%Feb 19, 2025Yield to maturity4.784%Feb 26, 2025Yield to maturity4.524%Mar 5, 2025Yield to maturity4.587%Mar 12, 2025Yield to maturity4.642%Mar 19, 2025Yield to maturity4.555%Mar 26, 2025Yield to maturity4.676%Apr 2, 2025Yield to maturity4.534%Apr 9, 2025Yield to maturity4.747%Apr 16, 2025Yield to maturity4.744%Apr 23, 2025Yield to maturity4.833%Apr 30, 2025Yield to maturity4.637%May 7, 2025Yield to maturity4.749%May 14, 2025Yield to maturity4.976%May 21, 2025Yield to maturity5.085%May 29, 2025Yield to maturity4.922%Jun 5, 2025Yield to maturity4.876%Jun 12, 2025Yield to maturity4.820%Jun 20, 2025Yield to maturity4.866%Jun 27, 2025Yield to maturity4.810%Jul 7, 2025Yield to maturity4.897%Jul 14, 2025Yield to maturity4.932%Jul 21, 2025Yield to maturity4.886%Jul 28, 2025Yield to maturity4.910%Aug 4, 2025Yield to maturity4.716%Aug 11, 2025Yield to maturity4.771%Aug 18, 2025Yield to maturity4.869%Aug 25, 2025Yield to maturity4.815%Sep 2, 2025Yield to maturity4.870%Sep 9, 2025Yield to maturity4.615%Sep 16, 2025Yield to maturity4.555%Sep 23, 2025Yield to maturity4.639%Sep 30, 2025Yield to maturity4.645%Oct 7, 2025Yield to maturity4.637%Oct 15, 2025Yield to maturity4.548%Oct 22, 2025Yield to maturity4.453%Oct 29, 2025Yield to maturity4.527%Nov 5, 2025Yield to maturity4.653%Nov 13, 2025Yield to maturity4.615%Nov 20, 2025Yield to maturity4.623%Nov 28, 2025Yield to maturity4.557%Dec 5, 2025Yield to maturity4.692%Dec 12, 2025Yield to maturity4.759%Dec 19, 2025Yield to maturity4.713%Dec 29, 2025Yield to maturity4.671%Jan 6, 2026Yield to maturity4.717%Jan 13, 2026Yield to maturity4.681%Jan 21, 2026Yield to maturity4.753%Jan 28, 2026Yield to maturity4.742%Feb 4, 2026Yield to maturity4.786%Feb 11, 2026Yield to maturity4.680%Feb 19, 2026Yield to maturity4.565%Feb 26, 2026Yield to maturity4.523%Mar 5, 2026Yield to maturity4.631%Mar 12, 2026Yield to maturity4.792%Mar 19, 2026Yield to maturity4.764%Mar 26, 2026Yield to maturity4.905%Apr 2, 2026Yield to maturity4.809%Apr 9, 2026Yield to maturity4.807%Apr 16, 2026Yield to maturity4.831%Apr 23, 2026Yield to maturity4.832%Apr 30, 2026Yield to maturity4.897%May 7, 2026Yield to maturity4.883%May 14, 2026Yield to maturity4.941%May 21, 2026Yield to maturity5.035%May 29, 2026Yield to maturity4.907%Jun 5, 2026Yield to maturity4.967%Jun 12, 2026Yield to maturity4.914%Jun 22, 2026Yield to maturity4.903%Jun 29, 2026Yield to maturity4.791%Jul 7, 2026Yield to maturity4.982%Jul 14, 2026Yield to maturity5.023%Jul 21, 2026Yield to maturity5.079%Jul 28, 2026Yield to maturity5.049%Aug 4, 2026Yield to maturity5.114%Aug 11, 2026Yield to maturity5.178%Aug 18, 2026Yield to maturity5.201%Aug 25, 2026Yield to maturity5.080%Sep 1, 2026Yield to maturity5.199%Sep 9, 2026Yield to maturity5.207%Sep 16, 2026Yield to maturity5.338%Sep 23, 2026Yield to maturity5.407%Sep 30, 2026Yield to maturity5.623%

Price history

961 trading days to Sep 30, 2026

80859095100105Nov 30, 2022Sep 30, 2026Nov 30, 2022Close100.031Dec 7, 2022Close104.781Dec 14, 2022Close103.688Dec 21, 2022Close100.938Dec 29, 2022Close98.688Jan 6, 2023Close102.156Jan 13, 2023Close102.969Jan 23, 2023Close102.656Jan 30, 2023Close102.875Feb 6, 2023Close102.438Feb 13, 2023Close101.063Feb 21, 2023Close98.063Feb 28, 2023Close98.438Mar 7, 2023Close98.344Mar 14, 2023Close101.094Mar 21, 2023Close101.375Mar 28, 2023Close101.469Apr 4, 2023Close103.938Apr 11, 2023Close103.625Apr 18, 2023Close101.438Apr 25, 2023Close103.375May 2, 2023Close102.719May 9, 2023Close101.125May 16, 2023Close100.750May 23, 2023Close99.000May 31, 2023Close100.031Jun 7, 2023Close98.531Jun 14, 2023Close98.906Jun 22, 2023Close99.219Jun 29, 2023Close98.531Jul 7, 2023Close96.469Jul 14, 2023Close98.563Jul 21, 2023Close98.594Jul 28, 2023Close97.156Aug 4, 2023Close95.406Aug 11, 2023Close94.281Aug 18, 2023Close92.938Aug 25, 2023Close93.500Sep 1, 2023Close93.750Sep 11, 2023Close92.781Sep 18, 2023Close92.563Sep 25, 2023Close89.438Oct 2, 2023Close87.594Oct 10, 2023Close87.156Oct 17, 2023Close85.969Oct 24, 2023Close85.781Oct 31, 2023Close85.188Nov 7, 2023Close88.625Nov 14, 2023Close89.906Nov 21, 2023Close90.250Nov 29, 2023Close91.781Dec 6, 2023Close94.375Dec 13, 2023Close95.063Dec 20, 2023Close97.469Dec 28, 2023Close98.000Jan 5, 2024Close95.219Jan 12, 2024Close95.906Jan 22, 2024Close94.344Jan 29, 2024Close94.594Feb 5, 2024Close94.031Feb 12, 2024Close93.750Feb 20, 2024Close92.719Feb 27, 2024Close92.469Mar 5, 2024Close94.688Mar 12, 2024Close94.438Mar 19, 2024Close92.938Mar 26, 2024Close93.594Apr 2, 2024Close92.250Apr 9, 2024Close92.531Apr 16, 2024Close89.125Apr 23, 2024Close89.688Apr 30, 2024Close89.031May 7, 2024Close91.375May 14, 2024Close91.469May 21, 2024Close91.938May 29, 2024Close89.813Jun 5, 2024Close93.375Jun 12, 2024Close92.969Jun 20, 2024Close93.750Jun 27, 2024Close93.344Jul 5, 2024Close93.000Jul 12, 2024Close94.000Jul 19, 2024Close93.281Jul 26, 2024Close93.625Aug 2, 2024Close98.125Aug 9, 2024Close96.250Aug 16, 2024Close97.000Aug 23, 2024Close97.906Aug 30, 2024Close96.656Sep 9, 2024Close99.344Sep 16, 2024Close100.438Sep 23, 2024Close98.813Sep 30, 2024Close98.250Oct 7, 2024Close95.906Oct 15, 2024Close95.906Oct 22, 2024Close93.719Oct 29, 2024Close92.906Nov 5, 2024Close93.594Nov 13, 2024Close91.531Nov 20, 2024Close92.000Nov 27, 2024Close93.844Dec 5, 2024Close95.063Dec 12, 2024Close92.750Dec 19, 2024Close90.125Dec 27, 2024Close89.531Jan 6, 2025Close89.500Jan 13, 2025Close87.781Jan 21, 2025Close89.875Jan 28, 2025Close90.313Feb 4, 2025Close90.781Feb 11, 2025Close90.813Feb 19, 2025Close90.688Feb 26, 2025Close93.656Mar 5, 2025Close92.938Mar 12, 2025Close92.313Mar 19, 2025Close93.313Mar 26, 2025Close91.938Apr 2, 2025Close93.563Apr 9, 2025Close91.156Apr 16, 2025Close91.188Apr 23, 2025Close90.219Apr 30, 2025Close92.406May 7, 2025Close91.156May 14, 2025Close88.688May 21, 2025Close87.531May 29, 2025Close89.281Jun 5, 2025Close89.781Jun 12, 2025Close90.406Jun 20, 2025Close89.906Jun 27, 2025Close90.531Jul 7, 2025Close89.594Jul 14, 2025Close89.219Jul 21, 2025Close89.719Jul 28, 2025Close89.469Aug 4, 2025Close91.594Aug 11, 2025Close91.000Aug 18, 2025Close89.938Aug 25, 2025Close90.531Sep 2, 2025Close89.938Sep 9, 2025Close92.750Sep 16, 2025Close93.438Sep 23, 2025Close92.500Sep 30, 2025Close92.438Oct 7, 2025Close92.531Oct 15, 2025Close93.531Oct 22, 2025Close94.625Oct 29, 2025Close93.781Nov 5, 2025Close92.375Nov 13, 2025Close92.813Nov 20, 2025Close92.719Nov 28, 2025Close93.469Dec 5, 2025Close91.969Dec 12, 2025Close91.250Dec 19, 2025Close91.750Dec 29, 2025Close92.219Jan 6, 2026Close91.719Jan 13, 2026Close92.125Jan 21, 2026Close91.344Jan 28, 2026Close91.469Feb 4, 2026Close91.000Feb 11, 2026Close92.156Feb 19, 2026Close93.438Feb 26, 2026Close93.906Mar 5, 2026Close92.719Mar 12, 2026Close90.969Mar 19, 2026Close91.281Mar 26, 2026Close89.781Apr 2, 2026Close90.813Apr 9, 2026Close90.844Apr 16, 2026Close90.594Apr 23, 2026Close90.594Apr 30, 2026Close89.906May 7, 2026Close90.063May 14, 2026Close89.469May 21, 2026Close88.500May 29, 2026Close89.844Jun 5, 2026Close89.219Jun 12, 2026Close89.781Jun 22, 2026Close89.906Jun 29, 2026Close91.094Jul 7, 2026Close89.094Jul 14, 2026Close88.688Jul 21, 2026Close88.125Jul 28, 2026Close88.438Aug 4, 2026Close87.781Aug 11, 2026Close87.156Aug 18, 2026Close86.938Aug 25, 2026Close88.156Sep 1, 2026Close86.969Sep 9, 2026Close86.906Sep 16, 2026Close85.625Sep 23, 2026Close84.969Sep 30, 2026Close82.938
The most recent 20 trading days of prices for 912810TM0.
DateBidOfferClose
Sep 30, 202683.10983.03182.938
Sep 29, 202683.09483.03183.250
Sep 28, 202683.40683.34483.531
Sep 25, 202683.84483.78184.125
Sep 24, 202684.54784.50084.219
Sep 23, 202685.29785.25084.969
Sep 22, 202686.28186.25086.313
Sep 21, 202686.29786.25086.313
Sep 18, 202685.89185.84485.844
Sep 17, 202686.37586.34486.438
Sep 16, 202686.01685.96985.625
Sep 15, 202685.68885.65685.625
Sep 14, 202685.90685.87585.844
Sep 11, 202686.17286.12585.813
Sep 10, 202686.17286.12585.781
Sep 9, 202686.67286.62586.906
Sep 8, 202687.28187.25087.125
Sep 4, 202687.31387.28187.250
Sep 3, 202687.43887.40687.250
Sep 2, 202686.95386.90686.969

Prices are per 100 of face, from Treasury's own end-of-day file. A dash in the bid or offer column means none was posted that day.

3 auctions

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 912810TM0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 16, 2022Nov 30, 2022New issue$15.0bn$16.6bn2.64x4.072%
Dec 21, 2022Jan 3, 2023Reopening$12.0bn$12.0bn2.68x3.935%
Jan 18, 2023Jan 31, 2023Reopening$12.0bn$12.0bn2.83x3.678%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.